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NatGas Prices Fall To Technical Bottom As Inventories Unexpectedly Rise, Warm Weather Looms
- Written by Sumit Roy |
- November 29, 2012
NatGas Prices Fall To Technical Bottom As Inventories Unexpectedly Rise, Warm Weather Looms
- Details
We examine the latest developments in the natural gas market.
Natural gas fell after the Energy Information Administration reported that operators injected 4 billion cubic feet into storage last week, above the 9 to 14 bcf withdrawal that most analysts were expecting.
The build was also bearish when compared with last year's withdrawal of 1 bcf and the five-year average withdrawal of 17 bcf.
In turn, inventories now stand at 3877 bcf, which is 26 bcf above the year-ago level and 184 bcf above the five-year average (calculated using a slightly different methodology than the EIA).
The weather last week was milder than normal. Moreover, the NOAA's 6- to 10-day outlook is once again calling for warmer-than-normal temperatures across the population-dense U.S. East Coast and Midwest. That will dampen demand for gas.
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